{
  "docId": "019dd923-622c-750b-8b9c-70939a0f825f",
  "docSlug": "7ed65c83e062",
  "documentTitle": "Marathon Petroleum Corporation (MPC)",
  "authorId": "02_Elliott_Management",
  "authorName": "Elliott",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2019-09-24 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 37,
  "pageCount": 45,
  "prevPage": 36,
  "nextPage": 38,
  "slideType": "preempt_rebuttal",
  "function": "preempt_rebuttal",
  "density": "dense",
  "nDataPoints": 1,
  "notes": "Uses a table to categorize access models and a map/chart combo to illustrate a successful third-party contracting strategy.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "comparison_table",
    "map",
    "bar_chart_stacked",
    "callout_box"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9c-70939a0f825f/37",
  "deckHref": "/decks/019dd923-622c-750b-8b9c-70939a0f825f",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9c-70939a0f825f.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-70939a0f825f#slide-37",
  "components": [
    {
      "bbox": {
        "h": 0.08,
        "w": 0.4,
        "x": 0.56,
        "y": 0.2
      },
      "kind": "callout",
      "text": "Case study: HollyFrontier relies on contracted capacity on trunklines",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "16264611-d539-409a-8454-74bfa7845497",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "Pipeline capacity, not ownership, is the key to securing favorable crude differentials in basis dislocations.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-14d7-73fd-9f59-70e441e6ef7d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.1,
        "x": 0.85,
        "y": 0.65
      },
      "kind": "chart",
      "text": "El Dorado crude slate by basin",
      "attrs": null,
      "subkind": "bar-stacked",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "eb32eeee-5169-4218-a797-4f1974ca52d6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.55,
        "w": 0.4,
        "x": 0.56,
        "y": 0.28
      },
      "kind": "image",
      "text": "Map of US pipelines and El Dorado refinery",
      "attrs": null,
      "subkind": "map",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "37b74c80-0ab6-490d-8eca-e1908881ba1b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.55,
        "w": 0.48,
        "x": 0.04,
        "y": 0.22
      },
      "kind": "table",
      "text": "Options for crude pipeline access: Direct ownership (Own and operate), Joint venture (Invest in pipeline operated by 3rd party), Contract (Contract with midstream players)",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "59a55291-2bd3-494c-9712-08827aa6b6e7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.9,
        "x": 0.02,
        "y": 0.09
      },
      "kind": "title",
      "text": "Pipeline capacity, not ownership, is the key to securing favorable crude differentials in basis dislocations. Nothing prevents Marathon from investing in future projects in partnership with, or independent of, MPLX following a spin-off.",
      "attrs": null,
      "subkind": "action-title",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5f5b9eb9-07ef-4b06-ae2f-364d8d72741b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.9,
        "x": 0.02,
        "y": 0.02
      },
      "kind": "title",
      "text": "Midstream Integration Not Necessary for Refining Access to Advantageous Crude Supply",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "bdbd956e-db77-4396-a94e-2bdf336dbdab",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "preempt_rebuttal",
      "slug": null,
      "matchId": "470c7f3a-3ae1-4537-968c-8e4404f2ff81",
      "evidence": "Argues against the necessity of midstream integration to counter potential spin-off concerns.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 40,
      "from": 21,
      "beatId": "d7e5c5df-daf8-45c3-83ab-fa1650992df6",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Solution",
      "beatSlug": "problem-agitate-solution-solution-provide-relief",
      "evidence": "Elliott presents separation as the solution, highlighting its benefits and addressing potential concerns",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Resolution",
      "parentBeatSlug": "resolution"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}